Natural Gas Storage Report - Nov. 14
Posted: Fri Nov 14, 2014 4:01 pm
Working gas in storage was 3,611 Bcf as of Friday, November 7, 2014, according to EIA estimates. This represents a net increase of 40 Bcf from the previous week. Stocks were 220 Bcf less than last year at this time and 237 Bcf below the 5-year average of 3,848 Bcf.
This is probably the last injection of the refill season. So, we start the winter heating season with over 200 Bcf in storage and a cold forecast for areas that burn a lot of gas. Five states that consume the most gas during heating season are: Illinois, Michigan, Ohio, Minnesota and Wisconsin. #6 is Texas.
Last January the price of natural gas spiked to $7/mcf. Over the next three weeks the deficit to last year's storage will grow.
I think we see $5.00 by Christmas.
This is probably the last injection of the refill season. So, we start the winter heating season with over 200 Bcf in storage and a cold forecast for areas that burn a lot of gas. Five states that consume the most gas during heating season are: Illinois, Michigan, Ohio, Minnesota and Wisconsin. #6 is Texas.
Last January the price of natural gas spiked to $7/mcf. Over the next three weeks the deficit to last year's storage will grow.
I think we see $5.00 by Christmas.